Mueller Prost specializes in many different kinds of tax credit compliance, consulting and tax planning for organizations. Some of these tax credits include:
In recent years, the Interest Charge – Domestic International Sales Corporation has become a viable planning opportunity to reduce Federal income tax liabilities for those that:
- Export goods manufactured in the United States
- Provide engineering services for construction projects outside of the United States or offshore
- Provide architectural services for construction projects outside of the United States
- Lease or rent property used by the lessee outside of the United States
Proper planning is required to ensure the IC-DISC has been established correctly and to ensure the tax benefits are maximized each year.
For more details about this credit, please contact us.
The Work Opportunity Tax Credit (WOTC) is a federal credit which allows businesses a tax credit up to 40% of qualified first year wages for certified workers. For more details about WOTC credits and available resources to help identify eligible employees, contact Doug Mueller, CPA, Michael Devereux II, CPA or Benji Bala, CPA, CIT.
- Energy Efficient Design (§179D)
Energy efficient buildings are eligible for up to $1.80 per square foot of Federal Tax Benefit. Owners of the property, or properly designated designers of governmental property, may take the benefit. Designers with this knowledge can:
- Increase customer loyalty
- Demonstrate the designer’s complete understanding of the benefits of Energy Efficient Design (EED)
- Target Energy Efficient Design of Building Envelope, HVAC and Lighting
- Improve the payback of innovative energy efficient design concepts
- Energy Efficient Home Tax Credit (§45L)
The Energy Efficient Home Tax Credit provides eligible owners with a $2,000 tax credit for each residential unit that meets certain requirements related to energy consumption reductions. (Manufactured homes are eligible for a $1,000 credit.)
For more information on tax credits related to energy efficiency, contact us.
Mueller Prost specializes and has been recognized for its efforts by the Department of Housing and Urban Development (HUD), Missouri Department of Economic Development and Missouri Housing Development Commission (MHDC) for its understanding of the issues and compliance with the requirements of the audits of cost certifications. We receive extensive and in-depth training to enable our teams to be able to give the most effective and excellent personalized service for our clients.
- Historic Tax Preservation
The Missouri State Historic Tax Credit is available for commercial and residential use. This includes the rehabilitation of a historic property. The tax credit is equal to 25% of the cost of renovation. The tax may be used to offset State taxes and a qualifying federal credit may also be applicable. The Missouri Department of Economic Development monitors this program.
The historic property must be listed on the National Register of Historic Places, be considered a contributing structure in a National Register historic district or in a local historic district certified by the United States Department of the Interior.
- Low Income Housing Tax Credits
The Low Income Housing Tax Credit (LIHTC) Program is a federal program designed to bring private investors into the affordable rental housing or low-income residential housing market. Normally, a developer will generate equity in a project by selling or syndicating credits to investors, who are able to utilize the federal and state credits. The amount of credits available is based on the cost of the development and the percentage of qualified low-income units that are credited within the project. The low-income units are restricted for fifteen years for low-income affordable housing.
Missouri Housing Development Commission (MHDC) has primary responsibility for this program in Missouri. Based upon their requirements, cost certifications and ongoing financial reporting is required to be submitted to MHDC for LIHTC projects.
For more details about these Federal and State Tax Credits, or about our specialists' expertise, please contact us.